Is @COCKPUNCH a 4-hour rugpull or a game-changing NFT?

1/27 🧵

Everyone is talking about COCKPUNCH.

The jokes are everywhere but it feels like no one is stopping to ask themself...

Wtf is this project?

Lucky for you, that's why I'm here.

The Legend of COCKPUNCH is a bizarre fantasy world journey.

As the name implies, COCKPUNCH isn't meant for easily offended people...

Tim is coining this the first "Emergent Long Fiction" (ELF) project.

He created the initial characters, conditions, constraints, and 10k words of prose...

But the storylines, maps, props, etc, will evolve based on what people are excited about and the Easter eggs they find.

The core focus of COCKPUNCH is...

creating highly detailed art and a virtual world.

The art is high-def 3D cock models with 300+ total traits.

The fantasy world includes original language, myths, religions, magic, etc.

Now, if you’re unfamiliar with this Tim guy...

@tferriss is a world-class creative, adventurer, and builder.

He has extremely high standards which are reflected in his resume:

· 5x NYT bestseller
· 900M podcast downloads
· Investor in Uber, Facebook, Shopify, etc

He bought BTC in '12 & NFTs in early '21 so he's an OG.

Tim has immense potential as a creative NFT project founder.

He's a prominent real-world figure with big boy money, friends, and pants...

Not a crypto influencer who's looking to get rich quick by shilling you shitcoins.

He doesn’t need the money and actually donated...

All $1.8M in primary sales to his non-profit organization, the Saisei Foundation.

Saisei funds research in areas such as psychedelic medicine, mental health, life extension, and more.

Tim was initially unsure how the market would respond to his project but...

COCKPUNCH started out HARD AF

• Podcast debuted as the #1 Fiction Podcast (even before its first episode)
• Minted 5,555 for 0.3 ETH each
• 3500 ETH volume on day 1
• 62% unique ownership

Secondary prices started off very high out of the gate and softened since.

You may be thinking...

"Tim is great and people like this, but the name is SO STUPID."

I had the same reaction at first but I did a full 180.

I'd argue COCKPUNCH is one of the best NFT names ever — Tim is flexing his god-tier marketing acumen with this one.

Here's why...

The world runs on memes — ideas, behaviours, jokes, etc that virally spread from person to person within a culture.

The power of memes is especially prevalent in NFTs because ideas spread faster (digitally) and people can own the ideas (as NFTs), becoming attached to them.

Crypto is also unique because it has a much higher level of irreverence and degeneracy than other industries.

Frankly, Tim knows this is the best place to push the boundaries of creative expression without his followers cancelling him.

COCKPUNCH is a viral meme...

Cock jokes proliferated every NFT group chat for the last two days.

Admit it... even you made a silly cock joke.

Tim set the fucking tone from day 1 and positioned himself to create a storyline FULL of edgy memes which may spread like wildfire.

Before we rock out with our cocks out...

There are a couple of important points in the fine print that you need to know:

Tim vehemently states not to view this as an investment and to expect zero utility beyond the art and stories.

Tim is striving to build something awesome and his track record is quite strong...

Only time will tell if he succeeds and if the awesomeness correlates with price.

There’s no discord or roadmap and their Twitter isn't super active.

Tim's not deploying the typical NFT promotion and community-building strategies and is running a super lean operation.

However, he's promoting COCKPUNCH to his massive podcast, social, & newsletter audience

Tim will abandon COCKPUNCH if it becomes draining.

He basically issued a 'rugpull' warning 🚨

Given how toxic NFT communities can become, Tim could leave you cockholding the bag.

But, Tim plans to be in the creative game for a long time and this is his new core project.

Why launch an NFT?

Tim could’ve launched this podcast on its own without a paid community and it would’ve done well.

He's paranoid about NFT degens viewing COCKPUNCH as a flip and becoming toxic if they lose $

He doesn't need the money and doesn't want the headache.

So… What is the potential upside that outweighs the downside?

No one knows for sure...

But, Tim included these phrases in the FAQ:


· Do wild experiments
· I dislike overpromising roadmaps
· There may be a few surprises in store
· The secrete to happiness is low expectations
· COCKPUNCH is a Trojan horse for things revealed over time

Tim is tempering expectations while insinuating something is coming.

Here are some things that COCKPUNCH MAY do:

· Formation of sub-communities
· Financial rewards for challenges
· Evolve into an expansive NFT ecosystem
· Holder voting on parts of the storyline & future
· On-chain COCK-fighting & other unique interactive experiences

Lastly, COCKPUNCH is a potential game-changing NFT bc...

It has non-crypto revenue streams from day 1.

Most NFT projects rely on holders for $ to grow which creates a circular economy vulnerable to blowups.

COCKPUNCH isn't as susceptible to the same loops.

COCKPUNCH is a real business and holders are buying a product of that business.

Time will tell if/how Tim decides to use this money to benefit holders.

In sum...

COCKPUNCH will be a fun journey through a meme-filled virtual world designed by Tim and influenced by followers.

Much is uncertain... the project could be abandoned OR the memes and story could become viral and it reaches a scale we haven't seen in NFTs.

COCKPUNCH is for...

People who like Tim, find cock jokes funny, and want to explore a web3-enabled fantasy world.

It's not for the archetype who angrily may feel compelled to message Tim, "WEN UTILITY, TIM?! WEN!??!!"

Oh, and you should know this if you're considering purchasing or selling a COCKPUNCH:

· The COCKS just revealed
· You won’t receive utility if you buy on a royalty-free site
· Tim will ban trolls and dicks from this & anything he does in the future... call it a cockblock

p.s. if you to get notified of my future posts, you can subscribe here: liamherbst.substack.com

p.p.s. please do not consider this thread financial advice in any way.

I hold 1 COCK and am holding with the understanding that this project could fail/stop within months.

I'm a long-time follower of Tim's work and wish him the best with this new venture!

p.p.p.s lol

Thank you to @LambolandNFT for your feedback on this thread!

COCKPUNCH

$APE staking delays have cost holders $57,979,795.

And we're about to lose another $17,921,570.

It's not too late to stop it... but it'll be at our own risk 🫣 (1/27)

TLDR:

1. APE staking implementation is full of delays & uncertainty
2. Delays have cost holders millions bc APE's real value has declined
3. The AIP-134 bug bounty proposal will further delay staking
4. I'm voting against the proposal

If you hold APE, you'll want to know...

How it all went wrong.

APE staking was announced when @apecoin went live.

BAYC, MAYC, BAKC, and APE holders could earn APE by assigning their assets to a staking pool.

The initial NFT pool yields are projected to be 300%+

Since then...

It's been a roller coaster of uncertainty and disappointment.

The initial proposal had a design flaw bc it allowed anyone with a B/MAYC to stake unlimited APE — which would've killed yield.

It was rewritten as AIP-21 and passed with August as the estimated launch period.

https://twitter.com/ysiu/status/1504208292385476611?s=20&t=zr7ICIdJaokKPHH6zbfh4A

Then, things went silent until...

July 22nd when @apecoin announced @HorizenLabs as the staking protocol developer.

The 12-16 week timeframe restarted (3-month delay).

APE holders were frustrated with the slow execution and lack of communication.

The next we heard was on...

https://twitter.com/apecoin/status/1550616722809536512?s=20&t=J4dldWRKavgFO8DiAajGOg

Sept 10 when Horizen announced an APE staking Twitter space for Sept 22.

The space was delayed last minute bc someone was sick...

After some outrage, Oct 31 (yesterday!) was announced as the launch date.

@apecoin and @horizenLabs haven't had a formal update since these tweets.

https://twitter.com/HorizenLabs/status/1568653073849159680?s=20&t=TOzdARun2ZPYOfKt4cik8Q

Soon after on Oct 11, the SEC's probe into Yuga Labs was announced.

A whirlwind of uncertainty hit the markets...

Would APE staking be cancelled?

Was @OthersideMeta sale an unregistered security offering?

All the FUD accelerated APE's 35% fall against ETH.

Wait! There's more...

Ape board member @maariabajwa submitted a bug bounty proposal on Oct 18 that will delay staking for 3 more weeks if passed.

Some Apes were pissed about another potential delay! 😡

But, why should they care? Don't they just get the same $ later?

No!

The value of APE staking earnings is declining by tens of millions

How?

Bc the present value of something with a growing supply is greater than its future value... and APE staking delays move their earnings into the future.

Here's a simple example to show how this works:

Say a coin's value is $10B and 100M/1B of its supply is circulating...

Its price is $100 ($10B value/100M coins).

If 100M more coins came into circulation, its price would fall to $50 ($10B/200M).

This is why money printing causes inflation (money supply 📈 —> real $ value 📉)

APE's circulating supply is programmed to grow every month for 4 years after launch.

APE mints coins just like the FED prints money.

The coins go to:

· Charity
· Yuga Team
· APE DAO Treasury
· Launch contributors (ie, mostly VCs)

With team & VC distributions starting Mar 2023

The real value of each APE coin declines over time as the supply grows (assuming the collective value of APE stays the same).

And just like how the US government printing money attributed to inflation (ie, each USD being worth less), the value of each APE coin is declining too.

Staking delays mean the circulating supply of APE is higher when APE stakers receive their coins.

Which means the real $ value of their earnings will be lower.

This may seem insignificant, but it's quite meaningful when you look at the sum of earnings over the 3-year period.

Here are the relative staking earnings based on implementation time:

AIP-22: $631.6M
Reject AIP-134: $573.6M
Accept AIP-134: $555.7M

APE holders have incurred $58M in real losses so far and accepting AIP-134 would lead to $17.9M more $ lost.

(Assuming a constant $1.69B MCAP)

APE holders also would've earned $117M through staking by now if implementation followed AIP-22's initial timeline.

Instead, we have $0 and $58M in lost value.

You may be wondering where the $58M is going 🙃

Technically, it's staying in the APE treasury as the coins earned through staking come from there.

But, it's a little more nuanced than that because the treasury is mostly dormant.

The APE holder/Yuga+VCs ratio tells us a lot.

Staking delays benefit Yuga & VCs 3 ways:

1. Lower circulating supply (excl. treasury) —>  higher price
2. APE holders hodl bc staking pool yields are still high —> higher price
3. Yuga & VCs have a higher % of coins available for voting —> more control

By Mar 2023 when Yuga & VCs unlocks begin, APE should be at a much higher relative price for them to sell into if they choose.

Which would drive down the price for APE holders.

Alright let's take a quick look at the bug bounty proposal:

AIP-134:

· Vote is live & ends Nov 3 (currently 63% in favor)
· Delays staking 3 more weeks
· Proposed by AIP council member, @maariabajwa
· In partnership with @immunefi & @llamacommunity_
· Only 10K APE for setup costs and up to 1M in potential rewards

The community is split:

Staking security precautions taken so far include:

· Two week commit period
· Contract is live on testnet
· Rigorous audit by @HalbornSecurity
· Machi Big Brother's bug bounty where he's offering up a MAYC!

Here's my take:

https://twitter.com/machibigbrother/status/1586042543589818368?s=20&t=lgyCc61mfRr8cYKAoB9RlQ

I voted against AIP-134

I'm not a dev and can't accurately assess the need for this bounty program.

Hopefully, one of the great devs on here like @0xQuit, @cygaar_dev, @0xBender, or @0xfoobar, could provide their perspective.

I'll happily change my stance if it's necessary.

I can assess that staking delays are unfair to APE holders.

Just like delaying Yuga & VC unlocks would be unfair to them.

Why should APE holders sit back and continually lose $ to the benefit of others?

Are we less important?

A staking delay will cause APE to 📉 and B/MAYC will follow.

Meanwhile, holder trust and NFT volume are at all-time lows...

And 12 BAYC entered liquidation yesterday with 50 more set to enter if the price drops 10%.

Can the market absorb these liquidations or will it crater?

How do we know the bug bounty proposal will be the last delay?

What if there's something greater than we're being led on to believe... like the SEC investigation derailing staking altogether?

I don't wanna baghold APE in that scenario.

Lastly, how will @apecoin DAO thrive if it's this difficult and confusing to implement a staking protocol?

The APE Foundation board needs to get us back on track and regain holder confidence.

So rn... it's staking or bust for me 🫡

Summary:

1. APE staking implementation is full of delays & uncertainty
2. Delays have cost holders millions bc APE's real value has declined
3. The AIP-134 bug bounty proposal will further delay staking
4. I'm voting against the proposal

Alright...

ps, Tagging some Apes to hopefully hear their stance on AIP-134 (Bug Bounty + staking delay)!

@tropoFarmer @OGDfarmer @franlinisbored @EB7 @osf_nft @greatmando_nft @j1mmyeth @0xWave @KingBlackBored @beijingdou @nft_god @ghost93_x @tundra_v1 @ashrobinqt @Cosmo_886 @ricefarmernft

ps, Here's a screenshot of the spreadsheet with some calculations.

I'd share the link but I don't want to advertise my email to scammers.

Send me a DM if you'd like an excel file of it.

pps, thank you @just1n_eth @LambolandNFT @OuroborosCap8 for discussing this post with me!

$APE Staking Delays

If you like SPORTS, PARTYING, and MEMES, LISTEN UP!

The meme lords @Friday_Beers launched an exclusive new NFT community with a ton of valuable benefits.

And it's JUST $80 to join.

Here's what you need to know about the project:

(1/15)

Three brothers bootstrapped Friday Beers (FB) at the start of 2020 to pursue their dream of becoming comedy writers.

Friday Beers is all about creating funny content on sports, music, and party culture like this that’ll get people through the week:

They've grown rapidly to:

· 7M followers
· 25-person team
· Launching bars w/ the 1st one in Nashville
· A portfolio of brands which each generate $1M+ rev
· Long-term partnerships with @AnheuserBusch & @BetMGM
· Raising $6M from investors like @mcuban & @tim_armstrong

And now they're launching a private community w/ major perks like:

· Exclusive merch for members by @JesseSebastiani
· VIP access to IRL Friday Beers events
· 40% off ALL merch and early access
· Weekly raffles and giveaways

And some partnerships for everyday things like:

· @ridealto: $75 credit
· A free beer at FB bars
· @fiveirongolf: 20% off
· @FreshCleanThrds: 25% off
· @DaveandBusters: gift card raffles
· Special events in person w/ bar tab
· @betterhelp: 4 free therapy sessions
· @drinkjaja: 20% off all time + giveaways

They're also...

Raffling off group bucket list trips to things like the Superbowl.

And will have crazy perks for 1/1 holders like getting your name engraved on a space satellite.

In sum, it's a full suite of perks and experiences to help people who live the Friday Beers lifestyle feel good.

It's also more than just a membership card...

Every member gets a unique avatar designed by the talented @Mike_Manor — the animator behind the show I.T Squad on Comedy Central.

There are 15 Friday Beers characters and hundreds of unique generative versions of each.

Mike encapsulated the Friday Beers vibe while staying true to his style.

The voxel characters will look great in the metaverse and they're easy to create animated sketches with like this...

Which Friday Beers may share with their 7M followers...

https://twitter.com/Mike_Manor/status/1555566480221093888?s=20&t=7MiyZ3dmr7gunzeeQmFWwQ

Friday Beers made one MAJOR mistake which created a ton of FUD.

They changed the purchase allocation from 1 each to 2 each at the last minute and not everyone could buy.

It wasn't cool and it lead to a bunch of flippers getting more memberships and then panic selling at a loss.

But, Friday Beers deserves support from the web3 community imo.

They didn't just jump on the NFT hype train and launch a cash grab.

Instead, they put a ton of time, $ and effort into this project and they can expand the web3 ecosystem by pulling in their audience.

Friday Beers decided to build:

· 15 partnerships
· Cool art by a prominent artist
· A dope website & member portal
· Huge discounts and perks on Friday Beers gear and IRL stuff

When they could've launched 9 months ago with 10% of the effort and earned 10x the cash.

The closest comparable project is @nelkboys' @metacard.

The metacard has 10k memberships and a 0.69 ETH floor price — 31x the total value of @FridayBeersNFT.

Nelk also had buyers pay 33x more $ money than Friday Beers on the initial sale.

Ultimately, I’m buying a few of these for their perks and I encourage you to view the membership the same way.

I’m gonna give some out to my brothers and buddies which will hopefully onboard some new ppl to web3 too.

In Summary:

· Friday Beers is an emerging brand with funny sports & partying memes
· They've grown rapidly to 7M and are expanding into multiple biz lines
· Launching a private community with perks for people who live the FB life
· Currently $80 to join

DISCLAIMER: this post isn't financial advice and doesn't provide a recommendation to buy or sell any assets. Please do your own research and purchase responsibly.

And thank you @LambolandNFT for your help on this thread!

Friday Beers

Is @artgobblers the GREATEST NFT game theory experiment EVER?

Here's how their innovative project works...

and what you NEED to know to avoid getting REKT ☠️ 🧵

Art Gobblers is a self-sustaining ecosystem centred around creating and collecting cool art.

It's one of the most hyped mints of the year with people offering 2 ETH for the treasured whitelist spots.

Here's why people like it so much...

· Innovative tokenomics
· Art by Rick & Morty creator, @JustinRoiland
· Small 2k initial supply and early holders are rewarded
· Created by @Paradigm math wizards (@_dave__white, @transmissions11 @FrankieIsLost)

The ecosystem has...

4 core components:

1.  Gobblers: characters who "gobble" art
2.  GOO: tokens earned by the Gobblers
3.  Canvases: purchased with GOO and used to make art
4.  Art: canvases can be turned into art designed in Gobblers' drawing tool

Art can be fed to Gobblers to become part of em!

There are also 10 1/1 Legendary Gobblers that can be bought for 69 regular Gobblers.

Legendary Gobblers produce 2x the GOO of ALL Gobblers burnt for them.

Expect collector DAOs and whales to compete over these — driving the price up for Gobblers and GOO in the process!

The Gobbler ecosystem flywheel is:

—> Artists make cool art
—> Gobblers become culturally relevant
—> Collector demand floods in

Alright, moving on to these cool token mechanics...

$GOO (Gradual Ownership Optimization)

GOO tokens are awarded to Gobblers daily.

The amount rewarded is based on how much Goo a Gobbler has in its "tank" (more GOO —> faster GOO generation) and every Gobbler has a reward multiplier.

GOO encourages NFT and fungible token to stay correlated because...

GOO rewards are at their optimum when GOO is held in proportion to Gobblers.

· Too little GOO:Gobblers leads to low rewards
· Too much GOO:Gobblers means you'll be diluted to death

The 2nd token mechanic is...

VRGDA (Variable Rate Gradual Dutch Auction)

Allows project creators to continuously auction tokens at close to a custom schedule.

Prices automatically rise when sales are ahead of schedule and lower when sales are behind.

Let's use an example...

Suppose Gobblers want to sell 10 NFTs/day at a price of 1 ETH.

If 70 NFTs are sold by day 5, the starting auction price will jump up to 4 ETH. (1 ETH target price * 2^2 days ahead of schedule)

If Gobblers has 30 sales in 5 days (2 days behind), the price will lower to 0.25 ETH.

This is all fine and dandy...

But...

There's ONE thing that'll MAKE OR BREAK the Gobbler ecosystem 🫡

IT NEEDS VALUABLE ART

Without a vibrant art ecosystem, this could become a game of musical chairs and some ppl will get REKT.

ART is the underlying resource powering the ecosystem.... the art we see on @artgobblers Twitter will need to keep coming!

There's some good news tho..

The ecosystem is designed so ONLY great art will be created...

Canvases and art aren't rewarded GOO and canvases are more inflationary than Gobblers (8k Gobblers distributed over the next decade while canvas supply grows infinitely).

Creating subpar art is an NPC move!

The key questions are...

· Will artists create art for Gobblers?
· Will holders want to lock up art in the Gobblers?
· Will collectors want to own immutable art-filled Gobblers?

If the answers are yes... then Gobblers are probably gmi 👍

WHAT'S THE STRAT?

There's no NEED to participate in this project (NFA yadda yadda).

If you do, there are 3 strategies:

1. Mint Gobblers with Goo early to gain a higher overall multiplier
2. Accumulate GOO and wait for the Gobblers price to come down
3. Math

(h/t @0xmisaka)

Gobblers ran an experiment with 14 top botters who started with 100 Gobblers each.

The optimal strategy in that game was to buy Gobblers (with Goo) as early as possible and balance Goo to Gobblers.

Waiting didn't work because early buyers drove up the auction price and...

https://twitter.com/0xmisaka/status/1585032905516257280?s=20&t=b44K3UtgmsG-a1qa4eMToQ

Using math didn’t work because all the degens were irrational af (and these were smart botter degens).

Legendary Gobblers drastically drove up the price because it created FOMO for that 2x GOO reward.

The 1st person to get the Legendary Gobbler won.

NOTE ☝️

This was a closed ecosystem and the goal was accumulating as much GOO + Gobblers as possible.

There was NO interplay exiting or entering from the world outside of and no worry of collapse.

The real launch will likely have less aggressive participants...

SUMMARY

· NEEDS ART to be valuable long term
· Talented creators & hyped w/ small supply could cause a mega pump
· Continued supply influx with no team building stuff could cause a dump
· Rewarding tokenomics for early participants and systems to maintain ecosystem balance

What's my strategy?

Depending on the initial secondary price... partake in the fun!

I won't FOMO in later as the rewards heavily favour early participants.

If I buy, I'll closely follow the art developments to see if I'll hodl and legendary Gobbler mints to consider exits.

ps, shoutout to the @midnightlabshq crew who jammed with me about Gobblers for the last couple of weeks!

@GiancarloChaux, @LEOS10301, @Sonoflasg, @pikanxiety, @JonYale, @Jarchimedes, @its_me_emma_dee

And my homie @lambolandlarry!

GOBBLE

Reddit is secretly building a metaverse empire.

NFT avatars are JUST the start.

Here's their master plan and how you can capitalize 🧵

Overview:

1. Avatars are the Trojan Horse
2. Reddit is a metaverse w/ crypto objects
3. Things to watch (WARNING: this section contains alpha)

Let's dive in 👇

1. Avatars are the Trojan Horse

They're...

· Versions of @reddit's mascot, Snoo
· In partnership with Reddit artists
· Designed for Reddit's massive userbase
· Enabling special profiles which make the avatar standout and receive special comment privileges

The Avatars are poised to become huge because:

1. Redditors care about the benefits
2. Pseudonymity is commonplace on Reddit
3. Seamless onboarding & crypto infrastructure
4. Low-priced with a scalable supply growth mechanic
5. Combinable avatar components to incite more buying

2. Reddit is a metaverse...

and each subreddit is a virtual world.

The forum-based nature of Reddit doesn't scream "metaverse!" but it has many of the components (identity, objects, payments, history, etc).

2.1 Avatars will lead the proliferation of "Redditverse"

Free 2 Own at scale will red pill Redditors into NFT degens — likely using custom avatars which speak to their unique interests.

The utility and recognition of the avatars will grow as adoption grows (network effects).

2.2 Infiltrate other ecosystems

Reddit partnered with Riot Games to create avatars and is rumoured to be partnering with Sandbox.

PFPs are the greatest marketing vehicle ever created and Reddit can generate unlimited co-branded versions and have them advertising everywhere!

2.3 Tokenized Community Program

Tokenized subreddits can curate better content, create premium memberships, and add governance.

Reddit can become like Twitter, Discord, and Snapshot all in one!

Imagine a private community for gen 1 Snoo holders or a Foustling collector DAO.

2.4 It's the best of both web2 and web3 worlds (for them)

Reddit maintains control over its core $ maker, the forum, and adds a new crypto asset layer.

They can profit off NFT sales and have their assets run through other web3 projects.

2.5 Reddit has the resources & crypto chops to pull it off

· Founded by @alexisohanian (lead @moonbirds & @doodles VC)
· Introduced crypto payments in 2013
· Raised $550m in last 3 yrs
· Subreddit coins 2 yrs ago
· 2x revenue from 2020

3. How you can capitalize:

Reddit avatars will have more generations and some early price indicators are:

· Art quality
· Artist reputation
· Meme (eg, conehead)

The real alpha is in the r/avatartrading Discord and subreddit bc you can see what the OGs are vibing with.

3.1 Peep low priced & 1/100 Gen 1 avatars

There will only ever be ~36k of these and some are <$100 still.

Some hardcore collectors may want full sets which could cause the low supply, 1/100, prices to moon.

3.2 Look for major platforms launching avatars

You missed generational wealth on the Reddit Snoos?

No sweat fren... there will prob be a half dozen similar major PFP rollouts.

Keep your eyes open and immerse yourself in those communities when it happens!

(h/t @GiancarloChaux)

3.3 Begin posting on Reddit!

NFT Twitter is becoming saturated with threadoors and the vibe on Reddit is becoming more NFT friendly.

You can reach a new audience and make new frens. You'll also build up karma which could be rewarded in future Avatar mints.

In summary:

1. Avatars are the Trojan Horse
2. Reddit is a metaverse w/ crypto objects
3. Reddit has the $, team & motivation to pull it off
4. Prepare for future Reddit mints & other networks

ps, there are 3k actively trading wallets ("3M wallets" is misleading)... We're early

Closing thought:

Reddit avatars 100x'd because people weren’t expecting them to 100x.

The next BAYC will not look like the last BAYC.

The best opportunities are ones with immense potential but aren't in the zeitgeist... yet.

The Reddit Metaverse

Behold the mind of NFT philosopher @punk6529.

I studied his 64 threads and distilled the insights from each below.

(1/84) 🧵

TLDR:

· gm
· WAGMI
· Use a hardware wallet
· Ppl need the freedom to transact
· We must build an open metaverse
· Memes run the world & we must seize them
· Don't let institutions steal your memes

Here's an index in case you want to skim through the threads (my favorites are highlighted).

Alright... let's dive into thread #1!

1/ Don’t Let the Institutions Steal Your JPGs

NFT holders can refuse to sell, unlike fungible tokens.

Institutions have more $ and can end up with more NFTs if we sell to them.

Selling out hurts decentralization and chips away at NFT culture.

(ps, this is for NFT whales)

https://twitter.com/punk6529/status/1423370458494341129

2/ JPGs

Myths enable humans to coordinate and grow at scale.

Eg, Nike is a myth that exists more in our minds than reality (its products, ppl, logo, etc all change but we still believe in "Nike").

NFTs are the fastest and most scalable myth transportation layer ever created.

https://twitter.com/punk6529/status/1424127515476598796

3/ Decentralization & NFTs

The internet and ML could lead to mass centralization like transaction censorship.

DeFi may be subject to things like KYC and securities law.

NFTs may be the most powerful censorship-resistant application bc govs can't ban each punk or squiggle.

https://twitter.com/punk6529/status/1428455358398443527

4/ Regulation & NFTs

NFTs are a form of expression (speech) and have strong First Amendment protections.

Taxes will apply to NFT sales and large marketplaces and off-ramps will KYC.

Some projects may be deemed a security... be weary of any project promising a profit.

https://twitter.com/punk6529/status/1428638532684423173

5/ @XCOPYART’s Sunshine

XCOPY is a master of the memes like "Right Click Save As" and this piece:

· Is counter to dark XCOPY style
· Captures the JPEG summer meme
· Can scale to the rest of the world given its positive vibe and meme

In sum... it's an A+ meme seized by 6529.

https://twitter.com/punk6529/status/1428656886543495169

6/ The Metaverse is...

a superset of VR, AR, and the internet. It'll happen this decade.

You can be an owner in the metaverse vs. a user on the internet — it's like BTC but for everything.

We must make corporations want to join an open system instead of building a closed one.

https://twitter.com/punk6529/status/1429514317108502536

7/ Reclaiming the Tulip Meme

"Tulip bubble" is a powerful meme against crypto.

Referring to crypto as a tulip is saying it’s substanceless and bound to crash — like tulip prices in the 1630s.

The Fidenza Tulip is an iconic on-chain generative artwork and @punk6529 bought it!

https://twitter.com/punk6529/status/1429863145607159809

8/ Buying Your First NFT

Rules:
1. Don't FOMO
2. Assume it's worth $0
3. You don't need to buy anything

Steps:
1. Buy smth cool for cheap to see how it works
2. If you want more… get a hardware wallet
3. Watch marketplaces, Twitter, and Discords to find what else you may want

https://twitter.com/punk6529/status/1431931687034830850

9/ 6529 doesn’t do paid promotions

Generally, paid promotions aren't worth buying and the people promoting them aren’t worth following.

Steer clear of Tweets like:

"Follow, Like, Retweet, & tag friends to be eligible for this giveaway"

https://twitter.com/punk6529/status/1432088984180695045

10/ NFT Twitter Lingo

ser: sir
fren: friend
pfp: profile pic
gn: good night
gm: good morning
gmi: gonna make it
1 of 1: each NFT is unique
sweep: buy many NFTs at once
secondary: buying NFT post-mint
mint: issuing NFT from blockchain
floor price: NFT lowest asking price

https://twitter.com/punk6529/status/1433002033242595338

11/ Institutional Traps

Institutions will say things to get people to sell to them... like how they'll display the artwork

Ultimately, institutions have a duty to return value to shareholders. Which may lead to broken initial agreements and paths which go against crypto ethos.

https://twitter.com/punk6529/status/1433708919591948309

12/ How the 6529 Fam Acts

https://twitter.com/punk6529/status/1434145979528323072

13/ Goal = Onboard 100M People to NFTs

Only a small # of ppl are here today but that # can grow quickly due to compounding.

If everyone brings 2 people aboard, we’ll get to 100M in 9 generations.

But don't recruit ppl by selling the dream of financial riches!

https://twitter.com/punk6529/status/1434554792035160077

14/ 5 Levels to Making It

1.  Unable to access basic needs: 🙏
2.  Struggling to get by: hustle
3.  Middle class: enjoy
4.  We like nice things: enjoy carefully
5.  Self-actualization: ❤️

Lvl 5 is usually found by competing for a big goal and doing it for the love of the game.

https://twitter.com/punk6529/status/1435229502708322313

15/ 1st Amendment & SEC

1st Amendment = free speech

Howey test = determining if an asset is a security (investment in entity expecting profit from others’ efforts)

NFT rewards relating to the art are likely fine (eg, free art airdrops) but those promising $ returns aren’t.

https://twitter.com/punk6529/status/1435581987553751041

16/ Advice for Emerging NFT Photographers

Your goal is to build 1,000 true fans. To do it, find a tiny niche and own it.

Play the long game by building a community.

Aim create photographs that people will remember afterward.

Use high-res so it'll look good in the metaverse!

https://twitter.com/punk6529/status/1438042185207799812

17/ 6529 Squiggles

Squiggles are the first @artblocks_io (AB) collection and AB is OG on-chain generative art platform.

6529 has a 🐐-tier Squiggles collection including a vertical collection (one of each type).

Btw, AB’s Discord is a great place to chat about generative art!

https://twitter.com/punk6529/status/1439332605263032327

18/ NFA

Don't consider what 6529 buys a good investment or financial advice.

6529’s mission is building a decentralized metaverse — not flipping NFTs for $.

6529 often invests for personal interests and to support artists.

Buy what you like with $ you can afford to lose.

https://twitter.com/punk6529/status/1440303850842300431

19/ NFT Photography Rights

Photographers should experiment with different rights models like collector-owned IP or CC0.

Commercial rights are overvalued and the token and community are undervalued.

Consider aiming to spread your work and monetize on future primary sales.

https://twitter.com/punk6529/status/1442587130941906946

20/ 6529’s Photo Gallery

Click here to see the full gallery: https://t.co/NEdctxJZ5z

Artists include:

· @noealz
· @teexels
· @halecar2
· @chimodu
· @TokyoLuv
· @MerrWatson
· @aylaelmoussa
· @DrifterShoots
· @dave_krugman
· @justinaversano
· @korbinian_vogt

And more!

https://twitter.com/punk6529/status/1442498117258170368

21/ Billionaire TradArt Collectors

Most mega OG NFT collections have already been built by individuals and DAOs.

Billionaire TradArt collectors aren't willing to build massive collections atm as NFTs still seem super risky.

Maybe 30% of top collections will be TradArt ppl.

https://twitter.com/punk6529/status/1440654746331664393

22/ NFTs 2030

You’re insufficiently bullish on NFTs

Society runs on databases by trusted third parties which are prone to anti-competitiveness and existential risk.

BTC solved decentralized consensus for payments and NFTs solved decentralized consensus for ALL goods...

https://twitter.com/punk6529/status/1443921334837338114

23/ ETH Gas Prices

Gas can be expensive sometimes (eg, a $35 fee on a $350 purchase).

The physical alternative is paying 40%+ in distribution fees (storage, shipping, etc).

For low-priced NFTs, blockchains like Tezos have cheaper gas (<$1).

So... NFTs are relatively cheap.

https://twitter.com/punk6529/status/1444782122007420928

24/ 6529 Gradients

@6529er designed this 100-item collection where each NFT is a subtly different shade.

No roadmap but you can expect many experiments and collabs (like the 6529 Memes!).

The first batch of 50 sold for up to 28 ETH.

Fun fact — I own two!

https://twitter.com/punk6529/status/1446182782594699270

25/ Eyes on Earth and Citizen Science by @MattScobel

NFTs create a new funding model:

· Publically displayed (discoverability)
· Creator can be rewarded (purchase)
· Investor has an incentive to buy it (own asset)
· Streamlining purchase process (no bs paperwork)

https://twitter.com/punk6529/status/1448395546150977537

26/ The City Experiment

Art allows you to see the world through someone else's eyes.

6529 ran an experiment where he asked people to share favorite images from their city.

You can view the results in the thread and see some of the pics here!

https://twitter.com/punk6529/status/1449316622573920262

27/ What is an NFT?

Virtually everything is non-fungible (unique).

NFTs are tokens which represent what the creator declares... like an authenticity certificate.

The token contains a URI which points to where the art is stored.

NFTs can be anything — art is the beginning.

https://twitter.com/punk6529/status/1451896453065023493

3 memes against NFTs and why they're wrong:

1. Right-click save as— provenance is perfect in NFTs unlike paper signatures in TradArt
2. Everyone can see it — everyone can go to a museum or online
3. You don't own the copyright — you don't own TradArt IP

28/ Real Estate

A land deed and physical land are only bound by signatures and $.

Land ownership is a normalized social convention whereas NFTs are disconcerting bc they're unfolding in real-time.

For NFTs, the token is the deed and what it means is a social convention.

https://twitter.com/punk6529/status/1452797543478448129

29/ America & Crypto

US is a natural home for crypto because it's financially and technologically strong and believes in freedom.

Crypto is a weapon for US because US has the largest crypto market today and it can handle the development of open systems — unlike its competitors.

https://twitter.com/punk6529/status/1457278102405623811

30/ Europe & Crypto

EU should aim to be the leader in crypto because:

· Has no digital payment rails
· Jump into the next gen of tech
· Continue supporting human rights
· Looser financial regulations like no Howey Test

But they're not atm and risk falling further behind USA.

https://twitter.com/punk6529/status/1457370810679808006

31/ Not Failing Decentralization Again

We tried building a decentralized digital world in 1996.

It failed bc we live in meatspace and live by meatspace rules.

We must educate citizens on Web3's importance and lobby politicians.

Otherwise, bad policy could set us back decades.

https://twitter.com/punk6529/status/1457393362466709506

32/ The Pathway to Open Global Decentralized Systems is...

Adoption from regular ppl and they need:

· Crypto —> fiat offramps
· No risk of legal penalties
· No burdensome obligations

We need action > ideology and ppl to fight for the right to build this infrastructure

https://twitter.com/punk6529/status/1457750434546864129

33/ gm NYC

Showcasing some of 6529's favorite NFT art in Times Square!

https://twitter.com/i/status/1455622499861925898

34/ Securing Your NFTs

Terms:
· Wallet: holds private keys
· Public Key: wallet address (can share)
· Private key: wallet password (never share)
· Seed phrase: private key recovery system (never share)
· Passphrase: optional extra password to create wallets (never lose)

https://twitter.com/punk6529/status/1461742366696652809?s=20&t=M5UU6jYOBOrs1fCmnAHgbw

Goals:
· Security: keep private keys private
· Resiliency: ensure you don't lose private keys

Wallets:
· Software: application on computer/phone (eg, @metamask)
· Hardware: physical device (eg, @Ledger)

What to use?
<$1K: software
$1K+: hardware
$1M+: 3+ hardware & @gnosisSafe

You should have multiple wallets:

1. One hardware wallet to store items
2. One hardware wallet for interactions (eg, minting a random NFT)
3. (optional) a mobile software wallet for emergency transactions

6529 outlines the steps to purchase and set up a wallet in Tweet 54.

If you're setting up your first wallet, read this section multiple times and follow the steps.

The core principle of wallet setup is storing your seed phrase on paper and never typing it into a computer.

https://twitter.com/punk6529/status/1461750319084445697?s=20&t=M5UU6jYOBOrs1fCmnAHgbw

35/ Photography 1/1s

The NFT version will be more valuable than print bc:
· Composable
· Perfect provenance
· Global buyer market
· Better storage & maintenance

NFT photographers should consider making NFT 1/1 the "original" & communicate their plans for NFT & prints clearly.

https://twitter.com/punk6529/status/1467098483656122371

36/ Web 1, 2, 3

There's a war for the metaverse (web3) between:

1. Meta/Facebook: a king who can decide what you see, create, and whether you exist
2. NFTs architecture: you own digital objects and can transport them

Art is the wedge for NFTs and it may just save the world

https://twitter.com/artnet/status/1472671289450151939

37/ NFT Rights Delegation

Storing NFTs in cold wallets is necessary for security but that hurts composability.

You should be able to delegate other addresses for things like:

· Signing
· Lending
· Airdrops
· Displaying
· Leasing rights

https://twitter.com/punk6529/status/1471832930066604039?s=20&t=4ovGZkRyFU-zlAmGZfDJtw

@0xFoobar recently led the build for a wallet delegation solution!

@0xnook, @khivedoteth, @purphat, @andy8052 and @punk6529 helped build it too.

https://twitter.com/0xfoobar/status/1575290861570740226?s=20&t=i5VWinK8_egyqwwXWvgJdA

38/ How to Make it in Crypto as a Normal Person

ONE RULE: SURVIVE!

Invest an amount where your life is okay if it nukes... the biggest risk is selling during a period when crypto is nuking for years.

Think of your crypto being worth $0 and not having to look at it for 10 yrs.

https://twitter.com/punk6529/status/1477259809493819393

Tactically, 95% of people should:
· Not lever
· Chill until 2030
· Buy mostly blue chips
· Have fun and enjoy this experiment
· Invest an amount that won't stress them

& for NFTs specifically:

· Buy things they like
· Expect them to be illiquid
· No real expectation of a return

6529 says 99% of us shouldn't use leverage and used Zhu Su as an example of an elite pro trader (top 1%) who can...

But even Zhu still got mega rekt...

Leverage will risk your survival.

39/ Preserving a Digital Image for 100 Years

Off-chain digital longevity sucks... you need multiple storage forms, ongoing payments, and future generations to take on the practice.

On-chain longevity has promise but needs work (like offering pre-payments with multiple pinners).

https://twitter.com/punk6529/status/1480871574823710723

40/ NFTs are the Best Way to Sell Digital Art

There are two ways to prove digital object ownership:

1. Trusted 3rd party (company or government)
2. Blockchain

Problems in the company scenario are:

· Fragmentation
· Central control
· Company can fail
· Shareholders prioritized

https://twitter.com/punk6529/status/1481228619863187461

· Diminished composability
· Company has all leverage

Governments have the same problems +:

· Political interference & competition
· Poor history building tech services

Whereas NFTs have:

· Perfect provenance
· Sovereign ownership
· No third-party reliance

NFTs are the way..

41/ We Want Corporations to Enter NFTs...

As long as it's on decentralized blockchains.

Digital objects will be everywhere and those objects should be cross-application and openly accessible.

A fully digitized, fully ML, centralized society risks being an Orwellian nightmare.

https://twitter.com/punk6529/status/1485743978364477445

42/ Marketplace Transfer Function

NFT Transfers are currently unassisted and blockchains are irreversible.

Marketplaces can fix this by:

1. Adding an address book
2. Pulling confirmation data from the receiving address (eg, ens, # of transfers)

NFTs need more usable software.

https://twitter.com/punk6529/status/1489387642018050050

43/ Why NFTs are Socially Optimal

TradArt must balance privacy and publicity as the piece can only be in one place.

NFTs provide ownership and global public benefit at no physical cost — it's better for artists, collectors & the public!

https://twitter.com/punk6529/status/1493973723547934726

44/ Freedom to Transact Underpins Constitutional Rights bc...

people need $ to exercise their rights.

The state can weaponize the financial system today and CBDCs will offer them more power.

We must fight for preserving non-custodial and decentralized financial architecture.

https://twitter.com/punk6529/status/1494444624630403083

45/ Geopolitical Conflict Highlights the Need for...

us to build distributed cost-effective renewables, deeper global integration, and overlaying of national and global identities.

The metaverse shouldn't be rivalrous like IRL bc land isn't scarce but we'll need to work for it!

https://twitter.com/punk6529/status/1497550173597093894

46/ Punks

@Larvalabs (LL) created Punks & Meebits and had very restrictive licensing.

@yugalabs acquired them and granted holders full commercial rights (like BAYC).

Yuga makes $ through trading royalties and LL can only make $ by selling their Punk holdings or licensing IP...

https://twitter.com/punk6529/status/1502595586960367617

And LL likely would've monetized the IP with trad media companies.

Yuga acquiring Punks is a way better outcome bc they won't mess with the Punks and they granted holders IP rights.

gg to Yuga for seizing the memes.

ps, NFT project rights structures will be holder-owned or CC0

47/ Safely Dropping NFTs to Collectors

The options are...

· Delegate rights w/ @delegatecash (best!)
· Airdrops (safe & convenient)
· Mintpass NFT (also safe but requires txs & gas)
· NFT as mintpass (mostly safe but also requires txs & gas)
· Wallet snapshot (not safe)

https://twitter.com/punk6529/status/1506732150120456205

48/ Life is Short

Do the math for how often you see the people and do the things you love most.

You'll realize your special moments are far fewer than you think...

Make every one count and don't burn your short life on things you don't like to do.

https://twitter.com/punk6529/status/1507787390114488322

49/ EU Giving Up

EU is far behind in AI and only sees a path of regulatory leadership (which is lol bc it's not creating value!).

Regulation "leadership" will encourage more companies to build outside EU too.

EU must work, like previous generations, to create a great future.

https://twitter.com/punk6529/status/1509832349986562048

50/ Introducing OM

OM's goal is to become a decentralized open metaverse that can scale to 100M ppl (open meaning no one party is in charge).

The social component of scaling is difficult for metaverses — we need it to be easy, affordable, and bridge the physical world.

https://twitter.com/punk6529/status/1514718020849000461

Concepts
· Memes > land: ppl need to identify with myths & tech/land/etc will follow
· Art: ❌corporate ✅ vibes (like @XCOPYART)
· Portals: we aren't restrained by physics

OM is powered by @oncyber & in browser.

The 1st district, 6529's Museum, has 25 galleries and over 2k NFT

51/ OM Gen 1

The alpha version of OM which you can apply to join here: https://6529.io/om/join-om/

The spaces are on-chain and you can request an individual space (eg, gallery), building, district (eg, for a PFP project), or even an experimental district (eg, gooch island).

https://twitter.com/punk6529/status/1516193658139201539

52/ Cultural Object Framework

Everyone knows a few thousand cultural objects (memes).

These objects are:
· Global (eg, USA)
· National cultural objects (eg, Superbowl)
· Local (NYC —> "South of Houston" (SoHo))
· Work/Hobby (photographer —> rule of thirds)

https://twitter.com/punk6529/status/1518332020929314816

Memes follow fractal power laws (winner take most + same pattern at diff scales).

NFT collections are fighting to become global meme winners... only a few are gmi and they'll be incredibly powerful.

99% of ppl should focus on winning a niche vs being an OK global effort.

53/ Bear Markets

Goal = SURVIVE.

· Enjoy life
· Keep fiat cash flows
· Don't try predicting markets
· Plan for every possible scenario
· Forget your all-time high net worth
· Review your emotions & asses risk tolerance
· Build skills & contribute... and u prob gmi by 2030

https://twitter.com/punk6529/status/1525565876711444484

54/ VCs in Web3

Many web3 projects don't pass the Howey Test (ie, are unregistered securities) and need to raise $ from accredited individuals (like VC firms & angel investors).

It's imperfect as only a handful of strong firms invest in crypto but startups need the $ to execute

https://twitter.com/punk6529/status/1530586594184511489

55/ RAW is...

6529's personal photography collection (he's always loved photography!).

Photo 1 is reflections on the water in the Reykjavik harbor.

The collection will be mostly landscapes and cityscapes

RAW photos are CC0 so u can use them however u like!

https://twitter.com/punk6529/status/1533195045196775425

56/ The Right Way to Worry

Business success is closer to "mo' money, mo' problems" than nirvana.

Business productivity is a form of worry (eg, is my CRM set up perfectly?)

Everything will change and suffering comes from fighting change.

When you accept this, you are at peace.

https://twitter.com/punk6529/status/1533375485023031297

Worry on a day-to-day basis, try to be better, and take positive action.

Have fun on the ocean surface and ride the waves (swim, ski, sunbathe, etc).

And also have a level untouched by daily worry... the ocean deep that no surface action can impact.

57/ The Memes

Objectives:
· Spread open-metaverse messages widely
· Run experiments in emergent community behaviour

Model:
· CC0
· Changing distribution
· 0.06529 ETH mint price
· 300-1k editions (ERC-1155)

The Memes are inspired by Rare Pepes & Loot!

https://twitter.com/punk6529/status/1534965126901682181

There are now 22 meme cards with artist collaborations such as:

· @osf_nft
· @seerlight
· @MattScobel
· @Reuben_Wu
· @komodaharu
· @AlienQueenNFT
· @lphaCentauriKid

Full collection: https://opensea.io/collection/thememes6529

ps, many Meme cards are featured in this thread 👀

58/ The Metaverse Needs Crypto as...

it'll consist of digital objects which should have distributed storage bc central storage is subject to:

· Censorship
· Rent-seeking
· Instilling fear (getting banned)
· Threating political & global national security

https://twitter.com/punk6529/status/1536046825047736326

NFTs are interoperable, decentralized and self-sovereign whereas web2 digital objects are trapped.

The metaverse needs public blockchains, and specially NFTs, to reach its potential.

59/ Wealth is a Claim on Other People's Time

People normally think about what stuff they can buy..

But what you're actually buying is labor to make the stuff — the stuff is a distraction.

Money, roles, & fame are examples of mechanisms to determine who has claims on whose time

https://twitter.com/punk6529/status/1547313080115204096

60/ NFT Minting Learnings

Personal:
· You must learn by doing
· Have sympathy for artists as minting is a vulnerable experience

Tactical:
· Tooling is immature
· Fighting sybil attacks is hard
· Avoiding gas wars is possible
· We're reliant on centralized identity services

https://twitter.com/punk6529/status/1550562880185143296

61/ NFT Rights Delegation

will encourage normal ppl to onboard bc they'll feel safer and be able to enjoy ALL fun NFT things!

We'll likely see rights markets (eg, pay 0.01 ETH to rent my Punk in a game).

@delegatecash, @wenewlabs, & @tokenproof r working on delegation tools.

https://twitter.com/punk6529/status/1540622605497077761

62/ Royalties

Royalties aren't enforceable on-chain and ppl pay them to support the creator's rules.

Royalties should be a tax on gains.

No royalty collectors & products are self-serving.

Creators should position themself to monetize in other ways (eg, holding some supply).

https://twitter.com/punk6529/status/1558920163386327042

63/ Post-Merge Carbon Trolling

Energy usage was a meme against crypto but ETH is now 99.95% more energy efficient!

Meanwhile, the TradArt ecosystem has a massive carbon footprint (buildings, travel, etc).

The meme was ultimately ppl afraid of change and 6529 poked fun at them.

https://twitter.com/punk6529/status/1571900532813598721

64/ Being Efficient with Busy People

Sr. ppl just want the job done and you should help them by:

· Making a decision OR
· Making a recommendation OR
· Communicating it in one compact message

Never DM "can I ask a question?" and preferably don't ask to hop on a call.

Process:

https://twitter.com/punk6529/status/1562510420644343810

Whew, 64 threads down!

Congrats if you made it this far 👊

To recap... 6529's core messages are:

· gm
· WAGMI
· Open metaverse
· Use a hardware wallet
· Ppl need the freedom to transact
· Memes run the world & we must seize them
· Don't let institutions steal your memes

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